FOR IMMEDIATE RELEASE
Contact: Ed Domansky
Director, Corporate Communications
(770) 994-4579
Speaks at Piper Jaffray Health Care Conference
NEW YORK, Jan. 25, 2005 – LogistiCare president and chief executive officer, John Shermyen, today spoke to investors at the Piper Jaffray 17th Annual Health Care Conference about the impact the aging of our society is having on LogistiCare’s core business of access management as well as the company’s plans to address the growing transportation needs of the elderly.
The invitation-only event is held annually for Piper Jaffray’s institutional and investment banking clients and this year is at the Pierre Hotel in New York City.
“We have people who are still vibrant thinkers and who want to be active, but have certain physical limitations associated with aging that inhibit their mobility,” Shermyen told the audience. “We have to face the fact that people are living longer today than any time in our country’s history. This increase in demand on transportation resources comes at a time when costs for these services continue to rise, particularly fuel and insurance.
“In our business, many of our contracts are with state governments, all of whom are always looking for ways to pare their budgets. Health care transportation is not always given the highest consideration, so it becomes incumbent on us to be creative, offering payers decreased costs and increased service.
“Many of these seniors are in more formal institutional settings or senior communities, but they want to be active, so the need to help them stay active and feel like vital parts of society is becoming critical. Through our Senior Mobility program, we hope to keep seniors active and feeling important in today’s world.”
Shermyen did not reveal complete details of the planned program, but did indicate that its premise is based on LogistiCare’s present operating structure as a transportation management company.
Shermyen’s confidence is bolstered by last year’s successful transaction that saw Charterhouse Group, Summit Partners and AlpInvest take the role as lead investors in LogistiCare’s future growth.
“We have been extremely pleased working with our new investors,” Shermyen continued. “Knowing that we have some of the top investment partners in business today helping us grow gives me great reassurance that anything is possible for us in the very near future.”
Headquartered in Atlanta, LogistiCare is the nation's leading provider of specialized transportation network management. The company's government clients include state Medicaid agencies, school boards, transit and paratransit authorities. Health care sector clients include hospital systems and many of the nation's largest managed care organizations.
With its market innovation, proprietary software, and proven record of creating budget stability and program integrity, LogistiCare is well known as the leader in improving non-emergency transportation programs. On an annual basis, the company manages a national network of more than 1,750 transportation companies that deliver more than 13 million trips to customers annually.
